Monzo launches current account pilot
Written by Chris Lemmon
Digital challenger bank Monzo has launched the pilot of its current account service, posting debit cards to approximately 2,500 customers.
The pilot will feature a new technology platform that Monzo has tested over the past few months. Customers will receive a debit card in the post, with their name, account number and sort code on. They will also have access to Direct Debits and Faster Payments, and can pay their salary directly into the account.
Overdrafts will initially be available only on iOS devices, with the service coming to Android in the next month or two. Monzo-to-Monzo payments and card top-up are also coming in the next couple of months, with users having to top up via bank transfer until then.
In an online video to pilot customers, CEO Tom Blomfield said: “We believe that we will make a better product with your input, help and feedback. We now have somewhere around 400,000 funded accounts, and you will be one of the first couple of thousand to try the new preview.”